SBF loves the CFTC so much it hired its former commissioner

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Sam Bankman-Fried and FTX US Derivatives (formerly LedgerX) have announced that former Commodities and Futures Trading Commission (CFTC) Commissioner Jill Sommers will join the board.

Jill Sommers was originally a George W. Bush nominee for the commission and was later nominated by Barack Obama.

Prior to joining the CFTC, she worked in the derivatives industry for the International Swaps and Derivatives Association and the Chicago Mercantile Exchange.

Read more: Sam Bankman-Fried’s Alameda owed Voyager a lot more than we thought

Jill Sommers’ return to the industry comes amid attempts by FTX and Sam Bankman-Fried to have the CFTC as their main regulator of the cryptocurrency markets. FTX recently released Politics elements to promote this view and advance legislation, including the Digital Products Consumer Protection Act 2022, the Responsible Financial Innovation Act and the Digital Goods Exchange Act. This would make the CFTC the primary regulator of the cryptocurrency markets.

The sponsors of these bills which received donations from Sam Bankman-Fried are Senator Stabenow, Senator Boozman, Senator Booker and Senator Gillibrand.

FTX US Derivatives Adding Former CFTC Commissioner to Its Board Highlights the importance of this regulatory relationship for them.

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